On the EURUSD 4H timeframe, the MACD line being above the signal line suggests bullish momentum. Additionally, a price nearing the upper Bollinger Band can indicate the currency pair is overbought. Together, these could imply a potential upward trend exhaustion or a short-term pullback. However, traders should be cautious, as the Bollinger Band touch alone doesn’t guarantee a reversal. Confirming this with other indicators or price patterns is advisable.
• There is a resistance level at 1.0620; followed by resistance at 1.07631 and 1.09450.
• There is a support level at 1.04474 Below, there are 1.05228 and 1.05563.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 10, 2023